ACRE Capital secures Kingsgate for Kames Capital
ACRE Capital have advised Kames Property Income Fund on the acquisition of Kingsgate, Redhill, a 43,784 sq ft multi-let office in Redhill town centre. The property is let to seven tenants including Balfour Beatty at a low average rent of 21.75 per sq ft reflecting a 30% discount from prime headline rents. Kingsgate was acquired for 10.65m which reflects an attractive 7.63% net initial yield and a low capital value of 243 per sq ft. The pitch will strengthen further with significant regeneration including the 40m Marketfield Way mixed use development site nearby.
Location: Kingsgate, Redhill
Property Type: Office
Transaction Type: Acquisition
Client: Kames Capital